Economical Change in Libya1969-1977

The end of 50s and the beginning of 60s are regarded as a changing point in economic and social aspects in Libya . Its economy turned from still into rapidly developed economy due to discovery and export of oil in 1961 , the dominance of oil sector over economy was greatl . The Libyan economy witnessed rapid growth during the 70s of the last century . Libya became one of the richest states specially after the coup made by a group of Libyan officers on 1st of September 1969 against monarchy and declaring republic and liberating the Libyan economy from foreign dependency and transforming it into a productive national economy . Therefore, the property of the Italians who colonized Libya throughout the previous six decades of the twentieth century was nationalized, and this was a major step in the field of liberalizing the Libyan economy, as well as the nationalization of oil, banking and agricultural companies. The political developments in Libya During Republic Era 1969- 1977 were accompanied by major developments in political, economic and social fields; therefor, the study comes by extrapolating and analyzing these developments and its implications on the economic aspects, especially in the agricultural, industrial and trade sectors.